Rice: hopeful OPEC output pledge will lower oil prices

CorbettB. Daly

SAVANNAH, Ga. (CBS.MW) -- President Bush is hopeful that a pledge from the Organization of Petroleum Exporting Countries to increase oil production will lower oil prices, White House National Security Advisor Condoleezza Rice said Monday. "OPEC has made its statement and I think there is a hope that it will have an effect," Rice told reporters ahead of a gathering of world leaders here. Last week, OPEC pledged to increase output by 2 million barrels per day, a number that fell shy of expectations. Still, oil prices have fallen marginally from all-time highs above $42 per barrel.

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